Asia Electric Two-Wheelers Market to Witness 7.0% CAGR During 2018 – 2024

The Asian electric two-wheeler market is predicted to grow at 7.0% CAGR during the forecast period with its fleet size reaching 59.3 million units by 2024. The Asian market is primarily driven by government support and initiatives for electric vehicles, increasing awareness for curbing vehicular emissions.

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Based on product, the market is categorized into e-scooters, e-bikes, e-motorcycles and others. E-scooters held the largest share of more than 55% in the Asian electric two-wheeler market in 2017, in terms of fleet size. Increasing popularity of electric scooters among younger generation especially working professionals and students leads to the largest share of the category.

Market players in the Asian electric two-wheeler industry are launching new products and investing huge capital for capacity expansion in order to cater to rising demand. Ather Energy launched its flagship product Ather 450 electric scooters in Bengaluru. The Ather 450 has a top speed of 80km/hr and comes with 3.3kW BLDC motor.

Market players in the Asian electric two-wheeler industry are investing huge capital for battery technology, motor technology, and capacity expansion in order to cater to rising demand.

Hero Electric Vehicles Pvt. Ltd., Yadea Technology Group, Jiangsu Kingbon Vehicle Co., Ltd, AIMA Technology Group Co. Ltd, Zhejiang Luyuan Electric Vehicle Co., Ltd., Jiangsu Xinri E-Vehicle Co., Ltd. (SUNRA), Ather Energy, Spero Electric, Honda Motor Co. Ltd., Terra Motors Corporation, Unistar Co. Ltd., Segway Inc., UDA Motor Co. Ltd, Ningbo MYWAY Intelligent Technology Co. Ltd, Viar Motor Indonesia, Zero Motorcycles Inc., Xiaomi Inc., and Lohia Auto Industries are some of the key players operating in the Asian electric two-wheelers market.

Source: VynZ Research